[WSBAPT] Estate Planning for Single Person (Might Involve Estate Tax)

[John Creahan]

Jay,
I’m curious about your comment. What aspects of this potential client’s work do you see as requiring a CPA/CFP?
Thanks,
John

John Creahan
www.cairn-law.com<http://www.cairn-law.com/>
Now located in the heart of Fremont
3417 Evanston Ave. N, Suite 312
Seattle, WA 98103
206-578-5877


From: wsbapt-bounces at lists.wsbarppt.com [mailto:wsbapt-bounces at lists.wsbarppt.com] On Behalf Of Jay DeMers
Sent: Saturday, July 29, 2017 5:59 PM
To: WSBA Probate & Trust Listserv <wsbapt at lists.wsbarppt.com>
Subject: Re: [WSBAPT] Estate Planning for Single Person (Might Involve Estate Tax)

This kind of planning must be done with a CPA/CFP.  Jay

On Sat, Jul 29, 2017 at 3:23 PM, Erin Fairley <erin at leschilaw.com<mailto:erin at leschilaw.com>> wrote:
I don’t see a need for any trusts unless client has out of state property or need for privacy. Disclaimer trust doesn’t work for single people.

Suggestions:  gifting each year to reduce estate, donations to charity.


Erin Fairley / Attorney
erin at leschilaw.com<mailto:erin at leschilaw.com> / (206) 353-4625<tel:(206)%20353-4625>
Leschi Law, PLLC
121 Lakeside Avenue, Suite B Seattle, WA 98122
www.leschilaw.com<http://www.leschilaw.com/>

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From: <wsbapt-bounces at lists.wsbarppt.com<mailto:wsbapt-bounces at lists.wsbarppt.com>> on behalf of John Yip <johntyip at gmail.com<mailto:johntyip at gmail.com>>
Reply-To: WSBA Probate & Trust Listserv <wsbapt at lists.wsbarppt.com<mailto:wsbapt at lists.wsbarppt.com>>
Date: Saturday, July 29, 2017 at 12:55 PM
To: "WSBARP at lists.wsbarppt.com<mailto:WSBARP at lists.wsbarppt.com>" <WSBARP at lists.wsbarppt.com<mailto:WSBARP at lists.wsbarppt.com>>, "wsbapt at lists.wsbarppt.com<mailto:wsbapt at lists.wsbarppt.com>" <wsbapt at lists.wsbarppt.com<mailto:wsbapt at lists.wsbarppt.com>>
Subject: [WSBAPT] Estate Planning for Single Person (Might Involve Estate Tax)

Hello,
Here is the hypothetical situation: Single person wants estate planning, and his estate may be slightly over the Washington State estate tax threshold.  He wants to leave his estate to multiple beneficiaries.  However, he does not want an inter vivos trust.
In that case, would a Will with disclaimer trust provisions make sense?  Disclaimer trusts rely upon the Marital Deduction and the QTIP exceptions, which are unavailable to single persons, correct?  Also, wouldn't it be messy to set up a disclaimer trust when there are multiple beneficiaries, as some might not be willing to disclaim?
If a Will with disclaimer trust provisions would not make sense for the above hypothetical, what are some alternatives I could use for the single person's estate planning other than to set up an inter vivos trust?
Thanks,
John

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